Why It's Highly Recommended For An Individual To Obtain An IFRS Certification

The value of an IFRS certification simply cannot be overstated enough in today’s day-and-age. The sheer amount of benefits that one can enjoy by obtaining an IFRS certification is nothing to scoff at, and if you wish to find out the reasons why this certification is necessary, then just read on to find more!

The International Financial Reporting Standards (IFRS) has quickly transformed a reliable set of accounting rules that have completely revolutionized the way companies across the world maintain their financial records and accounts and ensure stricter controls. The sheer transparency of information that has been facilitated through this convenient methodology has proven to be extremely beneficial, especially for companies that have a high presence when it comes to international shareholding and trade. The fact that the IFRS effectively replaced any other standards of accountings – national or otherwise is perhaps the most telling piece of information, that speaks for itself when it comes to the highly practical nature of the IFRS.

So, it doesn’t matter whether you have a bona fide qualification in the field of CA, CFA, CPA or an MBA in Finance – the fact of the matter is that no matter what, a certification in IFRS will be more than useful for you, for a whole host of reasons. There are a large number of e-learning portals like Shine Learning that can provide with an exhaustive and suitable course in IFRS certification, and can grow your career immensely. If you’re wondering why this is the case, let us provide you with a detailed analysis of the various benefits that one can avail when one obtains an IFRS certification:

The IFRS is a universal accounting methodology: Perhaps one of the most prominent benefits that can be attached with the IFRS is that it has been accepted on a global level, which means that no matter, it certainly won’t be wasted task to study up on these accounting standards. This widespread adoption of the IFRS also implies that these comprehensive accounting rules and standards will aid you immensely when it comes to carrying out any task of an accounting nature. With the application of IFRS, a single uniform format will be used for financial statements. This will help public companies to compete abroad, raise capital. Gaining global contracts will be easier if the Finance team of the company is IFRS literate. With M&A’s being the flavor of the day, IFRS is the sole method to compare companies globally. Due Diligence that is usually done by the Big International Accounting Firms at the time of investments will be simpler and more transparent.

Increases investor reliability: There has been an influx of FDI in India in the last 3-4 years. Investors across the world have now been seeking diversification and investment opportunities in India. IFRS helps to bring transparency, efficiency, and accountability in a Company’s books of accounts making it attractive and simple for Foreign Investors. Any such company will be on an urgent lookout for IFRS professional.

Improved international job prospects: The international prominence of the IFRS means that any individual who’s well-versed when it comes to this set of accounting rules and standards will undoubtedly enjoy a leg up on an international level, compared to those individuals that don’t have any knowledge of these Internationally acceptable Accounting Standards. International job openings are few and far between, and an IFRS certification will improve your chances of getting selected for such a prestigious opportunity by a massive margin. A certification in IFRS will provide you global skills.

An increased demand for IFRS professionals: More and more companies are adopting the IFRS rules and standards due to the sheer amount of convenience that an organization firm can avail by adopting this universal methodology in the long run. However, in the short run, companies can end up experiencing many unnecessary problems that can hamper their day-to-day business processes, which can prove to be a massive detriment if not taken care of right away. This is especially true in India, where numerous companies are still in the process of adopting the IFRS regulations, and the demand for individuals who have an in-depth knowledge of these rules and techniques is continuously rising every day. IFRS in India has converged with India Accounting Standards, which implies companies with a net worth more than 500 crores and subsidiaries of such companies have to comply with the IFRS standards. So for professionals aspiring to work with such companies, having an IFRS certification is a must.

The number of IFRS experts in the job market is pretty low: One of the main reasons that have contributed to the high demand for IFRS professionals is mostly due to a lack of individuals who have a qualification when it comes to this particular course, to begin with. After all, the widespread international adoption of the IFRS is still relatively new, and the gap between the demand and availability of IFRS experts is quite substantial. This implies that once you end up getting an IFRS certification, you’ll ensure a stable and well-paying job for yourself.

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